BNP Paribas has been chosen to provide custody and fund administration for China Universal Asset Management Hong Kong’s (CUAMHK) Renminbi Qualified Foreign Institutional Investor (RQFII) UCITS fixed income fund.
The AMC’s mandate, which BNP Paribas won, also enables them to permit access to the Shanghai Hong Kong Stock Connect Programme.
Working with BNP Paribas, the UCITS vehicle will facilitate CUAMHK’s distribution of its funds in multiple jurisdictions across Europe and Asia for the first time. CUAMHK launched their first RQFII fund in Hong Kong in 2012, while their current RQFII’s value places at RMB 3.1 billion.
“RMB internationalization will further enhance the demand for access to the Chinese mainland market. With our upcoming UCITS funds we will provide this possibility through RQFII and also Stock Connect,” says Shelley Yang, managing director and head of international business at China’s Universal Asset Management.
“The investment options presented by combining RQFII quotas and Stock Connect Northbound trading enhance diversity and present opportunities not available previously,” explains Stephanie Marelle, head of Hong Kong, BNP Paribas.
BNP Paribas Wins RQFII Mandate
BNP Paribas has been chosen to provide custody and fund administration for China Universal Asset Management Hong Kong’s (CUAMHK) Renminbi Qualified Foreign Institutional Investor (RQFII) UCITS fixed income fund.